Putin announces reduction in Russia's defense expenditure
One of the saving goals of the 2018 budget is to reduce defense expenditure, but this will not affect the plans to retrofit the army and the navy. The state will fulfill the defense order. Russian President Vladimir Putin made a statement to this effect at a meeting with United Russia party leader Vladimir Vasilyev in the State Duma. A transcript of the meeting was published on the Kremlin’s website.
Putin noted that “significant budget savings” are planned.
“We will fulfill the state defense order and make a new program. But we do plan several reductions compared to the previous budget, and so close attention will need to be paid to the matters which always arise in the process of drafting the country’s primary financial document,” the president emphasized.
According to Putin, these matters include not only defense and national security, but also the economy, the social sector and healthcare.
In Oliver Stone’s documentary film on the Russian president, Putin mentioned plans to reduce defense expenditure. He said that in the next three years, the expenditure is expected to be reduced to 2.7-2.8% of the GDP. According to the president, an effectively functioning economy is a priority for the country, and the armed forces need to be modern and effective, but also compact.